Econ 4020/Summer 2017
Intermediate Macroeconomics
M-F 10:15-12:15
221 Correll Hall
Thomas Lebesmuehlbacher
B404 Amos Hall
Email: [email protected]
Office Hours: By appointment
Course Objective
This course develops the tools of modern macroeconomic theory and explains the
determination of aggregate output, employment, prices, and economic, both in the long
run as well as in the short run. We will focus on the framing, conduct and effect of
government policies (both fiscal and monetary) on the key variables in an economy and
consequently on the evolution of business cycles. The purpose of this course is to
develop a macroeconomic framework for explaining the current state of the US and the
world economy and for analyzing recent economic policy issues.
Course Materials
Textbook: Garin, J., and Lester, R., and Sims, E., Intermediate Macroeconomics (1st
Edition). http://juliogarin.com/files/textbook/GLS_Intermediate_Macro.pdf
Grades, Assignments, and Exams
Grades: Your final grade in this course will be determined by your performance in the
homework assignments (carrying a weight of 25 %), one mid-term exams (with weight of
25 %), and a final exam (with a weight of 50 %).
Homework Assignments: Homework assignments will be due approximately bi-weekly.
Assignments are due at the due date, and the due date only. Late homeworks will NOT
be accepted under any circumstances.
Note: All homework assignments, solutions, and announcements will be made in class.
Remember that the homework assignments carry a weight of 25 %, so if you work
sincerely on them, you will be able to secure that part of your grade. Also, the homework
assignments would be a good indicator of what you may expect in the mid-term and final
exams.
Exams: There will be one mid-term exams and a final exam. The exams will be a
mixture of analytical question and numerical problems.
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Assignment 1: due Wednesday, June 14th, at the beginning of class
GLS – Ch1 Exercise 5 a) - e)
GLS – Ch4 Exercise 2 a) - b)
GLS – Ch5 Exercise 4
GLS – Ch6 Exercise 3
GLS – Ch7 Exercise 2
GLS – Ch8 Exercise 2
GLS – Ch11 Exercise 1
Assignment 2: Wednesday, June 28th, at the beginning of class
GLS – Ch13 Exercise 2
GLS – Ch15 Exercise 3
GLS – Ch16 Exercise 6
GLS – Ch21 Exercise 2
GLS – Ch23 Exercise 5
Mid-term Exam: Friday, June 16th, 10:15-12:15
Final Exam: Friday, June 30th, 10:15-12:15
Note: Make-up exams will NOT be given under any circumstances. So please plan
ahead and mark your calendars for those days and times. Please do not schedule
appointments with your doctor or dentist on those days.
Honor Code: The Honor is taken very seriously. Cheating will not be accepted. As a
University of Georgia student, you have accepted to abide by the University’s academic
honesty code, “A Culture of Honesty”, and the Student Honor Code. All academic work
must meet the standard described in “A Culture of Honesty” found at
www.uga.edu/honesty. Lack of knowledge of this policy is not a reasonable excuse for a
violation. Questions related to course assignments and the academic honesty policy
should be directed to the instructor.
Attendance and Classroom Preparation
Attendance is not required for this course. While attendance will not count towards your
final grade in the course, attendance has been shown to be positively correlated with your
grade. If you do not show up to class, do not expect that all your questions can be
answered the day before an exam at office hours.
Devote as much time and effort as necessary to master the material covered in this
course. Like many other skills, economics is best learned by doing. Thus, the more
problems you work, and the more you participate in class, the better your understanding
of the material.
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Course Outline
Introduction
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Syllabus
Macroeconomic Data
Brief History of Macroeconomic Thought
Growth Theory:
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Facts about Long Run Growth
Solow Model
Augmented Solow Model
Cross-Country Income Differences
Endogenous Growth
The Microeconomic of Macroeconomics
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Dynamic Consumption-Savings Model in an Endowment Economy
Household and Firm Decision
Money
The Neoclassical Model
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Household, Firm and Government Behavior
Shocks to the Economy
Taking the Model to the Data
The New-Keynesian Model
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Demand and Supply Side
Shocks to the Economy
Taking the Model to the Data
Special Topics
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TBA
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